Shares of SeQuent Scientific fell 2.2% to Rs 75.69 in morning trade on May 24 after the animal health company posted a net loss of Rs 924.3 crore for the quarter that ended in March.

The Carlyle Group-driven company posted a net profit of Rs 9.9 crore in the same period last year, the company said in a regulatory filing after its listing on May 23.

Operating income in Q4FY23 fell 4.44% to Rs 366.66 crore from Rs 383.7 crore in Q3FY22.
For FY22-23, the company reported a net loss of Rs 121.97 crore compared to a profit of Rs 44.76 crore in FY22.

Operating income edged up to Rs 1,420.90 crore from Rs 1,412.81 crore in the previous financial year.

The board has not recommended any dividend for FY22-23.

SeQuent reported another disappointing quarter, with revenue down 4% year-over-year, compared with expectations for a 2% decline, Yes Securities said in a note.

“Margins of 3% excluding ESOP costs were well below expectations of 8%, with gross margins below 40%,” it said. It added that product offerings did not appear to be improving margins.

The company also wrote off Rs 61.6 crore, including Germany (Rs 41.1 crore) and Turkey (Rs 20.4 crore).

Shares of the company are down 14% so far this year and about 40% over the past year.

SeQuent Scientific is an integrated pharmaceutical company established in 2002, specializing in animal health products, including active pharmaceutical ingredients (APIs) and formulations.